(a) Requirement for Filing:
(1) Every person who anticipates any taxable income which is not subject to Section 181.06 hereof, or who engages in any business, profession, enterprise or activity resulting in income subject to the tax imposed by Section 181.03(a) in this Chapter, shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity, together with the estimated tax due thereon, if any. Provided, however, if a person's income is wholly from qualifying wages from which the tax will be withheld and remitted to this Municipality in accordance with Sections 181.06, 181.03(a), and 181.15 of this Chapter, such person need not file a declaration.
(2) A taxpayer's final return for the preceding year may be used as the basis for computing his declaration of estimated tax for the current year. In the event a taxpayer has not previously been required to file a return, a declaration of estimated tax on anticipated income shall be filed in good faith.
(b) Dates for Filing:
(1) Such declaration shall be filed on or before April 15th of each year during the life of this Chapter, or on or before the fifteenth (15th) day of the fourth (4th) month following the date the taxpayer becomes subject to tax for the first time.
(2) Those taxpayers having a fiscal year or period differing from the calendar year shall file a declaration on or before the fifteenth (15th) day of the fourth (4th) month following the start of each fiscal year or period.
(c) Forms -- Credit for Tax Withheld or Paid Another Community:
(1) Such declaration shall be filed upon a form furnished by or obtainable from the Tax Commissioner, or on an acceptable generic form, and credit shall be taken for the municipal tax to be withheld from any portion of such income. In accordance with the provisions of Section 181.07(c) and 181.15 hereof, a credit may be taken for tax to be withheld and remitted to another taxing municipality.
(2) The original declaration (or any subsequent amendment) may be increased or decreased on or before any subsequent quarterly payment date as provided for in this section.
(3) For taxpayers who are individuals, such declaration of estimated tax to be paid the Municipality shall be accompanied by a payment of at least twenty-two and one-half percent (22.5%) of the estimated annual tax, and at least a similar amount shall be paid on or before the last day of the seventh (7th), tenth (10th) and thirteenth (13th) months after the beginning of the taxable year.
(4) For taxpayers that are not individuals, such declaration of estimated tax to be paid the Municipality shall be accompanied by a payment of at least twenty-two and one-half percent (22.5%) of the estimated annual tax, and at least a similar amount shall be paid on or before the fifteenth (15th) day of the sixth (6th), ninth (9th) and twelfth (12th) months after the beginning of the taxable year.
(5) The mere submission of a declaration estimating a tax liability shall not constitute filing unless accompanied by the required payment.
(6) An entity (individual, corporate or association) may pay 100% of the prior year's tax in four equal installments in the current year and avoid any underpayment of estimated tax penalty.
(d) Amended Declaration:
(1) A declaration may be amended at any time, provided, however, that in the event an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(2) An amended declaration must be filed on or before the last day of the month following the close of the taxpayer's tax year, if it appears that the original declaration made for such fiscal year underestimated the taxpayer's income by 10% or more. At such time a payment which, together with prior payments is sufficient to pay taxpayer's entire estimated liability, shall be made. If upon the filing of the return required by Section 181.05 of this Chapter it appears that the taxpayer did not pay 90% of his tax liability, as shown on said return, on or before the last day of the month following the close of the tax year, the difference between 90% of said taxpayer's tax liability and the amount of estimated tax he actually paid on or before said date shall be subject to the interest and penalty provisions of Section 181.10 of this Chapter.
(3) In the event an amended declaration has been filed the unpaid balance shown due thereon shall be paid in equal installments over the remaining payment dates.
(e) Annual Return Required:
(1) On or before the fifteenth (15th) day of the fourth (4th) month following the end of the calendar or fiscal year for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due the Municipality shall be paid with the return in accordance with the provisions of Section 181.05 of this Chapter.
(Ord. 58-2012. Passed 12-6-12.)